Senate Votes to Advance Changes to Dodd-Frank Rollback

On Monday, The Hill (March 12, Lane) reports, the U.S. Senate voted by a 66-to-30 margin to advance a set of updates to a bipartisan bill to loosen strict banking rules that are part of the Dodd–Frank Wall Street Reform and Consumer Protection Act. The Senate voted in favor of ending debate on an amendment from the bill's sponsors meant to mute liberal criticisms of the measure and earn support from skeptical conservatives in the House of Representatives. Thirteen Democratic senators broke ranks as supported the bill. Liberal Democrats have railed against the bill, calling it "a gift to Wall Street hidden under claims of relief for community banks." The bipartisan coalition supporting the bill call it a "measured, targeted approach" to help the most vulnerable financial institutions serve areas with lagging economies.